Page 38 - Las Vegas LVQR Market Research Report Q1 2024

Multifamily
Las Vegas 24Q1

Average
Total Vacancy Rate Vacancy Completions Completions Under Planned Total Sales Rental Rate Average
Submarket Inventory Current Rate Current YTD Units Construction Construction Units Price Per Unit Per Square Rental Rate
Units Quarter Prior Quarter Quarter Units Units Units Per Unit
Foot
Central 21,095 6.28% 6.87% 0 0 275 711 0 $0 $1.67 $1,238
East Las Vegas 15,355 7.61% 8.29% 0 0 208 282 0 $0 $1.49 $1,312
Green Valley 12,067 6.06% 6.48% 0 0 0 202 0 $0 $1.65 $1,574
Henderson 19,721 6.42% 6.42% 448 448 1,005 1,271 0 $0 $1.62 $1,651
North Las Vegas 11,488 7.44% 8.59% 380 380 471 540 0 $0 $1.49 $1,491
Northwest 20,790 6.71% 7.47% 0 0 539 1,228 0 $0 $1.55 $1,500
South 12,476 5.09% 5.94% 0 0 669 899 0 $0 $1.63 $1,619
Southwest 19,932 6.40% 6.53% 302 302 1,890 3,302 0 $0 $1.70 $1,706
Summerlin/The Lakes 20,550 7.42% 7.52% 0 0 486 300 0 $0 $1.64 $1,688
Sunrise Manor/Northeast 15,437 7.61% 9.02% 0 0 0 0 0 $0 $1.42 $1,260
University/The Strip 33,541 7.09% 7.11% 0 0 672 353 0 $0 $1.50 $1,218
West Las Vegas 28,711 7.26% 8.22% 0 0 410 0 0 $0 $1.58 $1,331
Total 231,163 6.84% 7.38% 1,130 1,130 6,625 9,088 0 $0 $1.58 $1,473

Historical
24q1 231,163 6.84% 7.38% 1,130 1,130 6,625 9,088 0 $0 $1.58 $1,473
23q4 229,057 7.38% 7.19% 1,542 4,025 9,655 12,523 192 $174,479 $1.58 $1,467
23q3 228,396 7.19% 6.76% 1,570 2,483 10,737 12,818 228 $346,491 $1.59 $1,462
23q2 227,280 6.76% 6.80% 569 913 12,756 11,785 0 $0 $1.60 $1,474
23q1 226,388 6.80% 6.23% 543 543 12,492 9,795 504 $228,373 $1.60 $1,481